Union Bank of India surges as Q4 profit beats analyst forecasts
The board has recommended a dividend of 80% or Rs 8 per share for the financial year 2012-13.
Union Bank of India has surged 7% to Rs 255 on reporting a better-than-expected net profit at Rs 789 crore for the quarter ended March 31, 2013 (Q4) on back of strong growth recorded by retail banking operations. Analyst on an average had expected profit of Rs 618 crore from the state-owned bank. The bank had profit of Rs 773 crore in year ago quarter.
The bank’s net interest income (interest income minus interest expanded) increased by 8.7% to Rs 1,979 crore on year-on-year (yoy) basis.
The asset quality of the bank has also improved on a sequential basis at the gross as well as net levels. The gross non performing assets (NPA) declined to 2.98% from 3.36% and net NPA to 1.61% from 1.70% on sequential basis.
Meanwhile, the board has recommended a dividend of 80% or Rs 8 per share for the financial year 2012-13.
The stock opened at Rs 240 and touched low of Rs 237 in morning deals on NSE. A combined 4.82 million shares changed hands on the counter so far on NSE and BSE.
The bank’s net interest income (interest income minus interest expanded) increased by 8.7% to Rs 1,979 crore on year-on-year (yoy) basis.
The asset quality of the bank has also improved on a sequential basis at the gross as well as net levels. The gross non performing assets (NPA) declined to 2.98% from 3.36% and net NPA to 1.61% from 1.70% on sequential basis.
Meanwhile, the board has recommended a dividend of 80% or Rs 8 per share for the financial year 2012-13.
The stock opened at Rs 240 and touched low of Rs 237 in morning deals on NSE. A combined 4.82 million shares changed hands on the counter so far on NSE and BSE.